Commodity markets are of considerable interest and importance to
economists, econometricians and dealers. This book reports the
proceedings of a major international conference on Primary
Commodity Prices: Economic Models and Policy, held in London under
the auspices of the Centre for Economic Policy Research in March
1989. A range of papers by leading international authorities cover
topics such as expectations formation in econometric commodity
market models; price determination in the market for aluminium; the
estimation of dynamic disequilibrium models with rational
expectations; the prices of perennial crops; modelling the effects
of foreign and domestic policies on agricultural prices; exchange
rate volatility and commodity prices; long-run influences on
petroleum prices; price stabilization versus financing in commodity
policy; and a comparison of forward markets and buffer stocks as
commodity earnings stabilizers. A key feature of this book is its
development of the policy implications of recent theoretical and
empirical work in the field of commodity economics. Most papers are
accompanied by discussants' comments to draw out their technical
and policy implications.
General
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